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This commentary is authorized for use by existing shareholders. A current Davis New York Venture Fund prospectus must accompany or precede this video if it is distributed to prospective shareholders. You should consider the investment objectives, risks, charges, and expenses of the Fund carefully before investing. The prospectus should be read carefully before investing or sending money.

DAVIS DISTRIBUTORS, LLC (DDLLC) paid Morningstar their customary licensing fee to use this commentary. Morningstar is not affiliated with DDLLC, and DDLLC did not commission Morningstar to create or publish this commentary

Davis New York Venture Fund’s investment objective is long-term growth of capital. There can be no assurance that the Fund will achieve its objective. Davis New York Venture Fund invests primarily in common stock of U.S. companies with market capitalizations of at least $10 billion. Some important risks of an investment in Davis New York Venture Fund are: market risk: The market value of shares of common stock can change rapidly and unpredictably; company risk: The market value of a common stock varies with the success or failure of the company issuing the stock; financial services risk: Investing a significant portion of assets in the financial services sector may cause a fund to be more volatile. Securities within the financial services sector are more prone to regulatory action in the financial services industry, more sensitive to interest rate fluctuations, and are the target of increased competition; and foreign country risk: Companies operating, incorporated, or principally traded in foreign countries may have more fluctuation as foreign economies may not be as strong or diversified, foreign political systems may not be as stable, and foreign financial reporting standards may not be as rigorous as they are in the United States. As of January 31, 2008, Davis New York Venture Fund had approximately 13% of assets invested in foreign companies. See the prospectus for a complete listing of the principal risks

Davis Advisors is committed to communicating with our investment partners as candidly as possible because we believe our investors benefit from understanding our investment philosophy and approach. This commentary includes candid statements and observations regarding investment strategies, individual securities, economic and market conditions; however, there is no guarantee that these statements, opinions or forecasts will prove to be correct. These opinions are current as of the date of this interview but are subject to change.

The information provided in this commentary should not be considered a recommendation to buy, sell, or hold any particular security. As of January 31, 2008, Davis New York Venture Fund had invested the 3.36% of its assets in JPMorgan Chase.

Davis Funds has adopted a Portfolio Holdings Disclosure policy that governs the release of non-public portfolio holding information. This policy is described in detail in the prospectus. Click here or call (800) 279-0279 for the most current public portfolio holdings information.

Shares of the Davis Funds are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency and involve investment risks, including possible loss of the principal amount invested. 

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